We talk about the general tasks of economists, the education program and why the expertise of economists is important for institutions, companies and political decision-makers. One could compare the work of and economist with that of a medical doctor. Whereas the medical doctor examines the health of human beings, economists examine the health of an economic system. Economist give expertise on how to handle shocks (e.g. technological shocks like digital transformation or crisis like the financial crisis, euro-crisis). Moreover, economists understand what the drivers of economic cycles are, evaluate economic constellations and developments.
Moreover, Prof. Bofinger gives insights into his work for the Council of German Economic Experts and his function in the commission. The council is nominated by the government but it is functioning politically independent – which is different from other councils, for instance the council of economic advisers in the United States. Independency means that the council is able to criticize the government and government here has no way to interfere with the content of advice and the annual report.
At the moment there are huge economic challenges and it's really important for Germany to stay on top of technology to keep first class status. In our talk, Prof. Bofinger claims that here, government should do more to support the efforts of a lot of companies to create new technologies and to stay world market leaders.